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Sipa Resources Ltd to raise $4.2M for Western Australia copper-gold project

Sipa Resources Ltd to raise $4.2M for Western Australia copper-gold project

Sipa Resources Ltd (ASX:SRI) will issue shares worth $4.2 million at $0.02 each to investors, following its heavily oversubscribed share purchase plan.

This will allow the company to ramp-up exploration activities at the Great Sandy Copper-Gold Project in the Paterson Province of Western Australia.

In light of total applications of $5.34 million, Sipa elected to accept oversubscriptions over the original target of $2.0 million to $4.2 million.

The new share placement will increase Sipa’s cash reserves to circa $5.7 million.

In June, Sipa executed a farm-in agreement with Ming Gold, allowing Sipa to earn up to 80% in the Great Sandy project by expending $3 million over four years.

The project adjoins Antipa Minerals Ltd’s (ASX:AZY) Citadel Project to the South, where Rio Tinto Exploration is spending up to $60 million to earn a 75% interest.

The host geology within Sipa’s Great Sandy Project is interpreted to be the similar to that which hosts the mineralization discovered by Antipa.

Sipa is currently drilling an an extensive copper-gold anomaly, known as the Obelisk prospect, which is located north of Antipa’s Citadel project.

The program is well underway and is expected to be completed by early September with first results expected later in the month.

Sipa is also planning to commence drilling at an emerging nickel-copper discovery at Akelikongo in Uganda.

 

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